Binance to invest $1bn in new blockchain projects
The firm behind Japan-based cryptocurrency Binance has unveiled a massive $1bn investment fund to plough into startup blockchain projects.
Binance Lab will invest both directly, using its own currency, and indirectly through investment funds.
According to a report on nulltx.com, the fund has already invested in four projects, including MobileCoin, a privacy-focused blockchain startup that will be built on the Stellar Consensus Protocol and which promises users easy private key management.
The fund has also invested in Oasis Labs, whose blockchain platform Ekiden promises to address scalability and security challenges; Certik, a verification platform for smart contracts; and Republic, a decentralised crowdfunding platform.
Binance is already investing in a Chinese blockchain ride-hailing service led by Chen Wei, founder of Didi Dache, which merged with Kuaidi Dache to form ride giant Didi Chuxing.